Saudi Arabia’s $63 billion Diriyah project was awarded two $2.1 billion contracts this week.
Diriyah Company is accelerating work on Riyadh’s new cultural hub to prepare the capital for hosting Expo 2030. The larger contract — $1.53 billion to China Harbour Engineering — is to build the 20,000-seat Diriyah Arena along with three office towers. A separate $600 million contract went to a unit of Italy’s Webuild Group to develop 400 retail units in the Diriyah Square district.
Backed by the Public Investment Fund and built around the ancestral homes of the royal family, Diriyah is expected to house 100,000 residents and contribute $18.6 billion to Saudi GDP once complete.